RADNOR, PA — Avantor, Inc. (NYSE: AVTR) reported a slight year-over-year decline in second quarter revenue while maintaining flat organic growth and reaffirming its long-term strategic position.
For the quarter ending June 30, 2025, Avantor posted net sales of $1.68 billion, a 1% decrease from the same period in 2024. The company cited a 2% benefit from foreign exchange, offset by a 3% decline related to mergers and acquisitions, resulting in flat organic revenue. Net income dropped to $64.7 million, down from $92.9 million last year, while adjusted EBITDA stood at $279.8 million with a margin of 16.6%.
Adjusted earnings per share came in at $0.24, compared to $0.26 in Q2 2024, while GAAP EPS fell to $0.09. Free cash flow was solid at $125.4 million, and operating cash flow reached $154.4 million.
“In the second quarter, we remained focused on driving growth, enhancing operating leverage, and executing with discipline,” said Michael Stubblefield, Avantor’s outgoing CEO. He pointed to progress in the Laboratory Solutions segment and noted that the Bioscience Production segment showed sequential revenue growth despite operational challenges at certain key accounts.
Segment Performance
The Laboratory Solutions segment generated $1.12 billion in sales, a 3% decline year-over-year, with a 1% organic drop after accounting for currency and M&A effects. Adjusted operating income fell to $133.3 million, with the segment’s margin contracting to 11.9%.
In contrast, the Bioscience Production segment posted $561.3 million in revenue, a 3% increase over the prior year, with a 2% rise in organic growth. Despite the top-line improvement, adjusted operating income edged down to $139.7 million, although the segment maintained a strong margin of 24.9%.
Leadership Transition
The results come as Avantor prepares for a major leadership change. Emmanuel Ligner, a veteran of the life sciences industry, is set to take over as President and CEO on August 18, 2025. He will replace Michael Stubblefield, who has led the company through significant growth and transformation during his tenure.
Stubblefield’s departure follows a period of operational recalibration, particularly in Bioscience Production, where regulatory and commercial pressures have required targeted mitigation efforts. Still, he expressed confidence in Avantor’s “resilient business model, diversified portfolio, and long-standing customer relationships.”
Looking Ahead
Avantor ends the quarter with an adjusted net leverage ratio of 3.2x, reflecting disciplined capital management. The company emphasized that its core strengths and operational initiatives position it to navigate macroeconomic headwinds and continue delivering long-term value.
The second quarter results suggest that while Avantor faces ongoing challenges in some areas, it remains fundamentally well-positioned—especially as it undergoes a strategic leadership transition aimed at sustaining growth and execution across global markets.
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